Marketspreads instructed to suspend investment services

The Central Bank has today instructed Irish spread-betting firm Marketspreads Limited to suspend the provision of investment services to new clients.

It must also suspend the provision of additional investment services to existing clients.

The Central Bank has been working closely with the company's current management team to address legacy financial issues.

However, Marketspreads has filed accounts to December 21, 2009 on which the auditors are unable to express an opinion.

In light of this the Central Bank said that it "considers it necessary in the interest of the proper and orderly regulation and supervision of an investment firm and for the protection of investors to suspend the activities of Marketspreads".

The company stated on its official Twitter account: "MarketSpreads is hugely disappointed with Central Bank suspension. We remain solvent, profitable and clients funds are fully segregated."